Posted on: 01st Apr, 2009 05:23 pm
Hi, my husband and I bought my parents property in 2001 outright they then asked for a life estate for property at a different location, we agreed with stipulations 1, they would pay taxes on property , 2, they would sign over a 75,000 life insurance policy for a brand new home on 1.9 acres.
now things have hit the fan they refuse to pay taxes and took the life insurance policy out of our names. we paid 120,000 for his home it cost 100,00 to build the ranch house for them . we are now going to court for taking from the elderly which dad and mom are 67 and young , they also have tenants renting inside the ranch house with them , they pocket all monies and refuse to pay anything.ANY HELP WOULD BE GRATEFUL
now things have hit the fan they refuse to pay taxes and took the life insurance policy out of our names. we paid 120,000 for his home it cost 100,00 to build the ranch house for them . we are now going to court for taking from the elderly which dad and mom are 67 and young , they also have tenants renting inside the ranch house with them , they pocket all monies and refuse to pay anything.ANY HELP WOULD BE GRATEFUL
Hi chris,
Did you have a written agreement with the elderly couple that they would pay the taxes as well as the arrears for the insurance? If there's a written agreement, then they are liable to pay them. However, if there is no such written agreement, then I don't think you have much to do. However, I would suggest you to consult an attorney and take his opinion in this issue.
Thanks
Did you have a written agreement with the elderly couple that they would pay the taxes as well as the arrears for the insurance? If there's a written agreement, then they are liable to pay them. However, if there is no such written agreement, then I don't think you have much to do. However, I would suggest you to consult an attorney and take his opinion in this issue.
Thanks
we did not have things in writing thinking parents would not do this but they verbally agreed to this we also have the policy of life insurance that they changed when we bought the house , they do have to go to court and will hopefully tell the truth